BendDAO – from a distance – looks like an old-school bank: Some customers deposit money into the decentralized finance (DeFi) platform, which loans the money out, giving depositors a cut of the interest payments. Those loans are backed by collateral but with a crypto-quirk: that collateral is pictures of monkeys, pixelated heads and other pricey non-fungible tokens (NFTs).
BendDAO’s NFT-Collateralized Crypto Loan Platform Suffers a Bank Run, Prompting a Move to Avoid Another Liquidity Crisis
